Control of Bindura Nickel Corp., Zimbabwe\u2019s biggest nickel operation, has been sold to a company linked to an adviser of President Emmerson Mnangagwa.<\/p>\n
Sotic International Ltd., a Mauritius-based firm, bought a 74.73% stake in the company from Asa Resource Group Plc, said Muchadeyi Masunda, Bindura\u2019s chairman. Sotic owns Zimbabwe\u2019s Landela Mining Venture Ltd. and is linked to Kudakwashe Tagwireyi, one of Mnangagwa\u2019s advisers and the owner of chrome, fuel and agricultural assets in the country.<\/p>\n
Three companies had vied for Bindura Nickel, Masunda said in an interview. He said the stake was worth between $60 and $75 million. Asa is in administration. The deal involves \u201ca substantial payment\u201d in cash and \u201ca commitment\u201d to provide working capital, according to Masunda.<\/p>\n
While Zimbabwe\u2019s economy is on the verge of collapse and its mining companies are struggling because of shortages of foreign currency and fuel, it has some of Africa\u2019s best metal and mineral deposits. Bindura Nickel was once owned by Anglo American Plc and has in the past produced about 6,700 tons of nickel a year.<\/p>\n
On Oct. 29 Bindura said in a statement that the stake was sold to \u201ca Zimbabwean based mining entity with interests in the mining and production of ferrous metals, non-ferrous metals and precious metals.\u201d<\/p>\n
Landela Mining was this month announced as a partner in a $4 billion platinum venture in Zimbabwe that\u2019s backed by Russian investors.<\/p>\n
Tagwireyi didn\u2019t immediately respond to calls made to his mobile phone.<\/p>\n","protected":false},"excerpt":{"rendered":"
Control of Bindura Nickel Corp., Zimbabwe\u2019s biggest nickel operation, has been sold to a company linked to an adviser of President Emmerson Mnangagwa. Sotic International Ltd., a Mauritius-based firm, bought a 74.73% stake in the company from Asa Resource Group Plc, said Muchadeyi Masunda, Bindura\u2019s chairman. Sotic owns Zimbabwe\u2019s Landela Mining Venture Ltd. and is […]<\/p>\n","protected":false},"author":84,"featured_media":12778,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[34,196,1049],"class_list":{"0":"post-15395","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-emmerson-mnangagwa","10":"tag-mining","11":"tag-zimbabwes-economy"},"yoast_head":"\n